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《The Theory and Practice of Finance and Economics》 2005-04
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Empirical Study on Underpricing of China's IPO

XIE Chao-bin~(1,2),SONG Qin,HUANG Ling (1.Hunan University, Changsha, Hunan 410082,China; 2.China Securities, Beijing 100010,China)  
We found that the factors affecting the IPO underpricing include the time-making ability of the underwriter, P/E multiples and the IPO size. However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing. The time-making ability of the underwriter shows mainly in the relatively medium horizon and has nothing with IPO underpricing in the short period.
【CateGory Index】: F832.5
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